Tether Quietly Builds 140-Ton Gold Stockpile Outside Banks

• Tether builds 140-ton gold stockpile in Swiss vaults using stablecoin profits globally.
• USDT interest income now funds sovereign-scale gold buying outside banks globally today.
• Tether expands gold trading and XAUT tokenization alongside physical bullion custody.

Every week, trucks deliver more than a ton of gold into a fortified Swiss bunker controlled by a Tether. According to Bloomberg, Tether Holdings SA has amassed about 140 metric tons of gold, worth roughly $23 billion, stored in Switzerland during 2025 and early 2026. The buying reflects how profits from USDT issuance now fund sovereign-scale bullion accumulation outside governments and banks.

Swiss Vaults Anchor a Growing Bullion Stockpile

The gold sits inside a former Cold War nuclear bunker in Switzerland, guarded by multiple steel barriers, according to Bloomberg. Tether chose direct custody rather than relying on commercial bank vault networks. Paolo Ardoino, Tether’s chief executive, said the company views physical control as essential to reserve security.

This stockpile makes Tether the largest known private gold holder outside central banks, ETFs, and bullion banks. However, most of the metal belongs to company reserves, while a smaller portion backs its gold-linked token, XAUT. Together, the holdings reached about 140 tons by early 2026, Ardoino confirmed.

The pace of accumulation remains steady. Ardoino told Bloomberg that Tether purchased roughly one to two tons weekly for several months. However, he said buying decisions undergo quarterly reviews, depending on market conditions and reserve needs.

This activity intensified during 2025, when analysts estimate Tether acquired over 70 tons within a single year. Notably, only Poland reported larger declared central bank purchases during that period. As a result, Tether emerged as a visible marginal buyer during gold’s sharp rally.

Stablecoin Profits Power Sovereign-Scale Buying

Tether funds its gold purchases using income from USDT, the largest dollar-pegged stablecoin, with about $186–187 billion circulating. The company invests incoming dollars mainly in U.S. Treasury bills, generating interest income. However, part of those profits now flows into gold and other assets.

According to Tether disclosures, gold represented about 7% of USDT reserves as of late 2025. However, that share translated into billions of dollars, given the scale of issuance. Notably, Bloomberg calculated that Tether outbought most central banks during several 2025 quarters.

In Q4 2025 alone, Tether added roughly 27 tons of gold, matching its Q3 pace. Bitwise CIO Matt Hougan said those purchases likely ranked among the world’s top three for the quarter. However, unlike central banks, Tether does not buy gold for monetary policy purposes.

Instead, the strategy shows reserve diversification and product backing. According to S&P Global Ratings, rising exposure to assets like gold contributed to a “weak” stability assessment for USDT in November. Tether reports its reserves through quarterly attestations signed by BDO Italia.

Related: Tether Deepens Gold Exposure as Global Demand Drives Prices

Trading Ambitions and Tokenized Gold Expansion

Beyond holding bullion, Tether plans to trade gold actively. Ardoino told Bloomberg the company aims to compete with major banks, including JPMorgan and HSBC. To support that effort, Tether hired senior gold traders from HSBC during 2025.

The company plans to exploit arbitrage between futures and physical markets while remaining long physical gold. However, Ardoino acknowledged logistical challenges, since large bullion orders can take months to settle. Tether sources metal directly from Swiss refiners and major financial institutions.

Alongside trading, Tether expanded its presence in gold-linked equities. It acquired stakes in Canadian royalty companies, including Elemental Altus Royalties and Gold Royalty Corp. Sources told Bloomberg that Juan Sartori led much of that investment activity.

Meanwhile, Tether Gold, XAUT, continues to grow. The token represents claims on physical bullion stored in Swiss vaults meeting London Good Delivery standards. By late 2025, XAUT accounted for about 60% of the global gold-backed stablecoin market, according to company data.

As of December 31, Tether held over 520,000 fine troy ounces backing XAUT one-to-one. In early 2026, XAUT’s market capitalization rose to about $2.24 billion, reflecting continued issuance. Ardoino said future demand could require additional weekly gold purchases.

Tether’s gold accumulation now rivals sovereign buyers in scale and frequency. The company converts stablecoin yield into physical bullion stored under its control. As a result, gold demand increasingly includes private digital-asset issuers alongside central banks.

Its strategy spans custody, trading and tokenization, all tied to USDT-generated income. However, gold still represents a minority share of overall reserves. These activities illustrate how stablecoin economics now intersect directly with global bullion markets.